Mobile phone technology provider Mobile Tornado has seen its revenues increase and losses narrow after enjoying an “excellent” first half to the year.
Harrogate-based Mobile Tornado saw revenue increase by 21 per cent to £1.49m for the six-month period to June 30, 2019. While operating expenses decreased by 5 per cent to £1.68m.
The firm, which provides instant communication mobile applications to the enterprise market, reported a loss after tax of £690,000 down from the £1.03m loss it reported in the first half of the previous year.
Jeremy Fenn, chairman of Mobile Tornado, said: “Our team has delivered an excellent first half. The EBITDAE (earnings before interest, tax, depreciation, amortisation, exceptional items and excluding exchange differences) loss has more than halved to £0.29m from £0.64m in 2018, driven by stable recurring revenues, a solid performance with our bundled offering in Israel and a new system deployment with our MNO partner in South America.
“More importantly, we have competed against major players in the PTT space in highly complex tenders, and won, securing some major strategic customers as a result.
“I have no doubt that the significantly enhanced credibility we have gained has put us in a strong position as we engage with similar organisations across both the public and private sectors.
“We are therefore well placed to further develop our business in each of our target markets.
“I expect the recurring revenue streams to return to growth in the second half of the current financial year as our efforts across Africa and South America, in particular, begin to gain traction.
“In Israel, we have a strong pipeline of new deals which we are confident will be developed further as the IDEN shutdown approaches at the end of the current calendar year.”